Dow retreated 218, decliners over advancers 5-2 & NAZ slid back 138.  The MLP index was off 2+ to the 222s & the REIT index dropped 4+ the 356s.  Junk bond funds hardly budged & Treasuries remained in demand.  Oil was fractionally lower in the 69s after choppy trading & gold bounced back 6 to 1929 (more on both below).

AMJ (Alerian MLP Index tracking fund)

3M (MMM), a Dow stock & Dividend Aristocrat, announced that it has reached a $10.3B settlement with US public water suppliers that have detected PFAs – known as "forever chemicals" – in their drinking water.  "PFAS is the biggest chemical threat to America's collective public drinking water & has been found in public water systems throughout the country affecting Ms of Americans,"  Scott Summy, one of the lead attorneys for those suing MMM & other manufacturers, said.  "We have reached the largest drinking water settlement in American history which will be used to help filter PFAS from drinking water that is served to the public," Summy added.  "The result is that millions of Americans will have healthier lives without PFAS in their drinking water."  PFAS, called "forever chemicals" because they last so long in the environment, have been associated with serious health conditions, including cancer & reduced birth weight.  "PFAS" is short for per- & polyfluoroalkyl substances that are used in nonstick frying pans, water-repellent sports gear, stain-resistant rugs & countless other consumer products.  The chemical bonds are so strong that they don't degrade or do so only slowly in the environment & remain in a person's bloodstream indefinitely.  MMM said the $10.3B agreement is subject per court approval.  MMM stock fell 52¢.
If you would like to learn more about MMM, click on this link:
club.ino.com/trend/analysis/stock/MMM_aid=CD3289&a_bid=6aeoso5b6f7

3M settles 'forever chemicals' water pollution lawsuit for $10B

More layoffs are coming at Ford (F) in the coming weeks.  The layoffs will mostly be among US salaried workers.  The upcoming move by the automaker is part of a continuing effort to streamline operations & reduce costs.  The layoffs will be announced as early as next week.  The number of workers involved could not be immediately determined.  The cuts are reportedly expected to affect Ford's gas-engine side of the business, as well as its electric-vehicle & software division.  In Aug, Ford laid off approximately 3000 white-collar & contract employees.  Earlier this year, the automaker announced it was beginning a 3800-person reduction in its European workforce.  "As we’ve said, part of the ongoing management of our business includes aligning our global staffing to meet business plans, and staying cost competitive as our industry evolves," a spokesperson said.  "At the same time, we continue to hire in key areas so that we have the skills and expertise needed to deliver on the Ford+ plan and leading product and services."  The stock was off 17¢.
If you would like to learn more about Ford, click on this link:
club.ino.com/trend/analysis/stock/F_aid=CD3289&a_bid=6aeoso5b6f7

Ford preparing for another round of layoffs: report

  The stock fell 40¢.
If you would like to learn more about LUV, click on this link:
club.ino.com/trend/analysis/stock/LUV_aid=CD3289&a_bid=6aeoso5b6f7 

Southwest Airlines reaches tentative agreement with mechanics’ union

Gold closed higher following 3 days of losses that pushed the price of the precious metal to a 3-month low, as investors moved to safe havens to cut risk amid rising interest rates.  Gold for Aug closed up $5 to settle at $1929 per ounce.  Gold had weakened following on 2 days of congressional testimony from Federal Reserve chair Jerome Powell, who said the central bank is likely to raise interest rates by 50 basis point before the end of the year.  Powell's comments came as central banks in the UK, Norway & Switzerland raised their interest rates to lower inflation.  Higher interest rates raise the carrying cost of gold, which offers no yield.  The $ rose, making gold more expensive for intl buyers.  The ICE dollar index was last seen up 0.46 points to 102.87.

Gold Rises Off a Three-Month Low as the Dollar Rises and Treasury Yields Fall as Investor Cut Risk

US crude futures rebound from steep losses early & finished the day just 0.5% lower at $69.16 a barrel.  A sell-off at the start of the NY trading session began to gather steam & prices fell to as low as $67.35 intraday, less than $1 away from lows not seen since 2021.  But the market then bounced back, in part due to a weekly Baker Hughes report that showed the US oil rig-count fell by a hefty 6 rigs in the latest week, marking the 7th decline in 8 weeks.  That drop in drilling activity could eventually mean a drop in US crude production, which is why investors took it as a bullish sign for prices.

Oil Prices End Slightly Lower in Choppy Trading

The Dow remained depressed all day.  There was no significant news ro bring back buyers & Powell's comments about more rates is weighing heavily on the stock market.  Dow was unable to break thru the 34K ceiling once again & finished down 570 for the week.    

Dow Jones Industrials